Tenaris SA
MIL:TEN
Tenaris SA
In the sprawling global theater of energy, Tenaris SA emerges as a titan that seamlessly marries industrial prowess with technological finesse. Born in the heart of the steel industry, the company has positioned itself as a crucial player in the production and supply of seamless steel pipes—critical components in the oil and gas sector. Through a strategic web of manufacturing facilities and service centers spread across continents, from the Americas to Europe and Asia, Tenaris orchestrates the delivery of high-quality tubular products that cater to the ever-complex needs of its clients. These clients include oil and gas giants who demand reliability and durability in extreme conditions, both offshore and on land. By leveraging decades of technical expertise, continuous research, and development, Tenaris not only meets but anticipates industry needs, cultivating strong partnerships and a reputation for excellence.
Beyond merely producing tubular goods, Tenaris distinguishes itself through its commitment to providing integrated services that enhance operational efficiencies. Its offerings extend far beyond pipeline manufacture, encompassing sophisticated supply chain solutions that reduce costs and enhance time-to-market for its customers. By integrating digital technologies, the company supports predictive maintenance and real-time data management, augmenting the performance of its products. This comprehensive approach to customer service bolsters long-term relationships and generates steady revenues through not just sales, but lifecycle services that include consulting, logistical support, and on-site assistance. This dual focus on product innovation and service-enhancement ensures that Tenaris remains a pivotal entity in a sector that thrives on precision, endurance, and adaptability.
In the sprawling global theater of energy, Tenaris SA emerges as a titan that seamlessly marries industrial prowess with technological finesse. Born in the heart of the steel industry, the company has positioned itself as a crucial player in the production and supply of seamless steel pipes—critical components in the oil and gas sector. Through a strategic web of manufacturing facilities and service centers spread across continents, from the Americas to Europe and Asia, Tenaris orchestrates the delivery of high-quality tubular products that cater to the ever-complex needs of its clients. These clients include oil and gas giants who demand reliability and durability in extreme conditions, both offshore and on land. By leveraging decades of technical expertise, continuous research, and development, Tenaris not only meets but anticipates industry needs, cultivating strong partnerships and a reputation for excellence.
Beyond merely producing tubular goods, Tenaris distinguishes itself through its commitment to providing integrated services that enhance operational efficiencies. Its offerings extend far beyond pipeline manufacture, encompassing sophisticated supply chain solutions that reduce costs and enhance time-to-market for its customers. By integrating digital technologies, the company supports predictive maintenance and real-time data management, augmenting the performance of its products. This comprehensive approach to customer service bolsters long-term relationships and generates steady revenues through not just sales, but lifecycle services that include consulting, logistical support, and on-site assistance. This dual focus on product innovation and service-enhancement ensures that Tenaris remains a pivotal entity in a sector that thrives on precision, endurance, and adaptability.
Revenue Growth: Tenaris reported Q4 2025 sales of $3 billion, up 5% year-on-year and 1% sequentially, with resilience in the U.S. and Canada driving performance.
Margins & Tariffs: Q4 EBITDA margin was 24% of sales, with EBITDA down 5% sequentially to $717 million, impacted by U.S. Section 232 tariffs now at 50%. Management expects Q1 2026 margins to remain stable with slightly lower tariff costs.
Dividend & Buyback: The board proposed a dividend of $0.89 per share for the year (up 7%), and ongoing share buybacks totaled $537 million in Q4, with another $600 million tranche approved.
Outlook: Management guides for stable sales and margins in Q1 2026, but refrains from giving a longer-term outlook due to market volatility.
Offshore & International: Strong offshore backlog and stable international pricing, especially in premium products, expected to support results in 2026.
Argentina, Venezuela & Middle East: Growing activity in Argentina and Venezuela, with Venezuela expected to deliver $50 million in revenue in 2026; Middle East activity remains high with potential Saudi uptick.
Working Capital & CapEx: Neutral working capital expected in 2026, with CapEx seen slightly lower than 2025 unless new opportunities arise.
